Share Repurchase Plan Initiated by Byline Bancorp (NYSE:BY)

Byline Bancorp (NYSE:BY) announced that its board has initiated a stock buyback program on Thursday, December 11th, RTT News reports. The company plans to buyback $2.25 million in shares. This buyback authorization permits the company to purchase up to 0.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Byline Bancorp Stock Performance

Shares of NYSE BY traded up $0.62 during midday trading on Thursday, reaching $30.81. 327,631 shares of the company’s stock were exchanged, compared to its average volume of 194,219. The business’s fifty day moving average price is $27.59 and its two-hundred day moving average price is $27.41. Byline Bancorp has a 52-week low of $22.63 and a 52-week high of $31.80. The stock has a market capitalization of $1.41 billion, a PE ratio of 10.96 and a beta of 0.86.

Byline Bancorp (NYSE:BY) last posted its earnings results on Monday, June 6th. The company reported $0.57 EPS for the quarter. Byline Bancorp had a return on equity of 11.26% and a net margin of 20.01%.The company had revenue of $72.38 million during the quarter. Analysts predict that Byline Bancorp will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 18th. Investors of record on Tuesday, November 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is currently 14.23%.

Wall Street Analyst Weigh In

BY has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price objective on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a research note on Monday, October 27th. Piper Sandler raised their target price on shares of Byline Bancorp from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.25.

Insider Buying and Selling

In other Byline Bancorp news, insider Thomas Abraham sold 23,400 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $26.89, for a total transaction of $629,226.00. Following the completion of the sale, the insider directly owned 38,882 shares in the company, valued at approximately $1,045,536.98. This trade represents a 37.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dana Rose sold 1,999 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $28.76, for a total value of $57,491.24. Following the sale, the insider directly owned 10,192 shares of the company’s stock, valued at $293,121.92. This trade represents a 16.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 28.79% of the company’s stock.

About Byline Bancorp

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.